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Facebook to buy Oculus Rift for $2B
Posted on 3/25/14 at 4:44 pm
Posted on 3/25/14 at 4:44 pm
Business Insider
So Candy Crush and Farmville are finally going to get that immersive experience gamers around the world have been pining for
Press Release:
Facebook today announced that it has reached a definitive agreement to acquire Oculus VR, Inc., the leader in immersive virtual reality technology, for a total of approximately $2 billion. This includes$400 million in cash and 23.1 million shares of Facebook common stock (valued at $1.6 billion based on the average closing price of the 20 trading days preceding March 21, 2014 of $69.35 per share). The agreement also provides for an additional$300 million earn-out in cash and stock based on the achievement of certain milestones.
Oculus is the leader in immersive virtual reality technology and has already built strong interest among developers, having received more than 75,000 orders for development kits for the company's virtual reality headset, the Oculus Rift. While the applications for virtual reality technology beyond gaming are in their nascent stages, several industries are already experimenting with the technology, and Facebook plans to extend Oculus' existing advantage in gaming to new verticals, including communications, media and entertainment, education and other areas. Given these broad potential applications, virtual reality technology is a strong candidate to emerge as the next social and communications platform.
"Mobile is the platform of today, and now we're also getting ready for the platforms of tomorrow," said Facebook founder and CEO, Mark Zuckerberg. "Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate."
"We are excited to work with Mark and the Facebook team to deliver the very best virtual reality platform in the world," said Brendan Iribe, co-founder and CEO of Oculus VR. "We believe virtual reality will be heavily defined by social experiences that connect people in magical, new ways. It is a transformative and disruptive technology, that enables the world to experience the impossible, and it's only just the beginning."
Oculus will maintain its headquarters in Irvine, CA, and will continue development of the Oculus Rift, its ground-breaking virtual reality platform.
The transaction is expected to close in the second quarter of 2014.
Is it possible this has made VR even LESS appealing?
So Candy Crush and Farmville are finally going to get that immersive experience gamers around the world have been pining for
Press Release:
Facebook today announced that it has reached a definitive agreement to acquire Oculus VR, Inc., the leader in immersive virtual reality technology, for a total of approximately $2 billion. This includes$400 million in cash and 23.1 million shares of Facebook common stock (valued at $1.6 billion based on the average closing price of the 20 trading days preceding March 21, 2014 of $69.35 per share). The agreement also provides for an additional$300 million earn-out in cash and stock based on the achievement of certain milestones.
Oculus is the leader in immersive virtual reality technology and has already built strong interest among developers, having received more than 75,000 orders for development kits for the company's virtual reality headset, the Oculus Rift. While the applications for virtual reality technology beyond gaming are in their nascent stages, several industries are already experimenting with the technology, and Facebook plans to extend Oculus' existing advantage in gaming to new verticals, including communications, media and entertainment, education and other areas. Given these broad potential applications, virtual reality technology is a strong candidate to emerge as the next social and communications platform.
"Mobile is the platform of today, and now we're also getting ready for the platforms of tomorrow," said Facebook founder and CEO, Mark Zuckerberg. "Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate."
"We are excited to work with Mark and the Facebook team to deliver the very best virtual reality platform in the world," said Brendan Iribe, co-founder and CEO of Oculus VR. "We believe virtual reality will be heavily defined by social experiences that connect people in magical, new ways. It is a transformative and disruptive technology, that enables the world to experience the impossible, and it's only just the beginning."
Oculus will maintain its headquarters in Irvine, CA, and will continue development of the Oculus Rift, its ground-breaking virtual reality platform.
The transaction is expected to close in the second quarter of 2014.
Is it possible this has made VR even LESS appealing?
This post was edited on 3/25/14 at 4:50 pm
9
Posted on 3/25/14 at 4:45 pm to sicboy
Posted on 3/25/14 at 4:48 pm to Bunta
My twitter feed is full of "WTF" from the gaming industry.
Patrick Klepek from Giantbomb, who broke the West/Zampella/Infinity Ward story, tweeted:
Patrick Klepek from Giantbomb, who broke the West/Zampella/Infinity Ward story, tweeted:
quote:
I heard someone was buying Oculus while at GDC last week. The name I was told was not Facebook
Posted on 3/25/14 at 4:49 pm to sicboy
I am still excited about VR's potential but I have no idea what to think of this. My initial reaction is disappointment.
Posted on 3/25/14 at 4:51 pm to sicboy
I feel like I dont like this idea...
Posted on 3/25/14 at 4:54 pm to DownSouthCrawfish
I mean, this is great money for the OR team. I'm sure they can use it. I'm just curious as to what FB is going to shove down their throats.
Posted on 3/25/14 at 4:55 pm to sicboy
From Klepek again:
quote:
People's fear over the Oculus Rift buyout is worrying Facebook is going to acquire the technology as a talent grab and Oculus disappears.
quote:
Microsoft and Google have done this many, many times. Is Facebook that? I don't know. But I understand the unease.
quote:
Facebook bought Oculus, Sony reveals Morpheus. Neither shows me how anyone can release these products at a reasonable price for mass appeal
This post was edited on 3/25/14 at 4:59 pm
Posted on 3/25/14 at 5:02 pm to sicboy
But think about how immersive facebook stalking girls' spring break bikini pictures will be
Posted on 3/25/14 at 5:07 pm to Josh Fenderman
Yeah this makes no sense at all.
Posted on 3/25/14 at 5:09 pm to SG_Geaux
Waiting for reddit to deliver.
Posted on 3/25/14 at 5:11 pm to sicboy
Facebook VR coming soon. I'll be able to minority report swipe farmville and candy crush game invites away!
Posted on 3/25/14 at 5:12 pm to sbr2
First facebook/oculus rift exclusive announced.
Posted on 3/25/14 at 5:17 pm to sicboy
Adam Sessler:
I agree it's probably good for the OR team. I just don't like what FB is and I don't like them in the gaming industry.
quote:
They were always going to be acquired. FB gives the best chance for proper time to develop and investigate its broader uses...
I agree it's probably good for the OR team. I just don't like what FB is and I don't like them in the gaming industry.
Posted on 3/25/14 at 5:38 pm to sicboy
This is from notch, creator of Minecraft:
Yikes.
Klepek:
quote:
We were in talks about maybe bringing a version of Minecraft to Oculus. I just cancelled that deal. Facebook creeps me out.
Yikes.
Klepek:
quote:
Listening to the Facebook call about the Oculus buyout. When is it shipping? "We don't have anything to say on that now."
quote:
Facebook doesn't look at Oculus as something that matures in the next year or two. They're looking at 5-10 years.
quote:
(I don't think that references when a consumer version would ship, only to set expectations for mass adoption, ala smartphones.)
This post was edited on 3/25/14 at 5:41 pm
Posted on 3/25/14 at 5:41 pm to sicboy
I'm shocked, I really am. I think most people, or at least I did, figured it was a given that MSFT would purchase OR.
Posted on 3/25/14 at 5:48 pm to Sl4m
I figured MS, Sony, Nintendo, Valve.
Maybe even Google. Never pictured Facebook.
Maybe even Google. Never pictured Facebook.
This post was edited on 3/25/14 at 5:49 pm
Posted on 3/25/14 at 5:49 pm to Sl4m
quote:
figured it was a given that MSFT would purchase OR.
Microsoft has been developing their own VR technology for years.
Posted on 3/25/14 at 5:49 pm to sicboy
Minecraft would have been amazing on OR 
Posted on 3/25/14 at 6:02 pm to bluebarracuda
@yosp: Wow, I did not see this coming, congratulations! @oculus @brendaniribe @natemitchell
Posted on 3/25/14 at 6:18 pm to sicboy
Hell yea! So I can virtual Facebook in the future.
Real life isn't in HD.
Real life isn't in HD.
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